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AUD/USD, NZD/USD, USD/CNY – Currencies Drifting on a Lazy Friday

Kenny Fisher

AUD/USD has leveled off on Friday, after sharp losses a day earlier. In the European session, the pair is trading at 0.6792, up 0.09% on the day. There are no Australian indicators on the schedule.

Aussie Slips to 4-week Low on Weak Job Data

AUD/USD declined by 0.76% on Thursday, its worst one-day performance since April. The catalyst for the fall was weak employment data. Employment change fell by 19.0 thousand, compared to the estimate of +16.2 thousand. This was the first decline since July 2018. The unemployment rate rose to 5.3%, up from 5.2%.

AUD/USD Technical Analysis

We had some excitement on Thursday, as AUD/USD broke below two support levels and put strong pressure on support at 0.6700. The pair has eased up on Friday, and I expect it to remain range-bound on Friday. The next support line is at 0.6740, which has held since mid-October. On the upside, there is resistance at 0.6807. This is followed by resistance at 0.6820.

AUDUSD 1-Day Chart
AUDUSD 1-Day Chart

USD/CNY

USD/CNY has been range-bound for most of the week and is trading sideways on Friday. In the European session, the pair is trading at 7.0113, down 0.10% on the day. There are no Chinese events on the calendar.

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USD/CNY Technical Analysis

Earlier in the week, there were signs that USD/CNY might make an upward move and pull away from the symbolic 7.00 level, but the pair has since retracted. I do not expect any real movement before next week. On the upside, we find resistance at 7.0400. On the downside, there is support at 6.9735, which was tested late last week. Below, we have support at 6.9500.

USD/CNY 1-Day Chart
USD/CNY 1-Day Chart

NZD/USD

NZD/USD has steadied on Friday, after sustaining considerable losses on Thursday. In the European session, the pair is trading at 0.6386, up 0.09% on the day. There are no New Zealand releases on Friday.

Kiwi Ignores Positive Manufacturing Report

There was good news on the manufacturing front, as thee Business NZ manufacturing index improved to 52.6 in October, marking its first foray into expansion territory since June. However, investors shrugged off the release, as the New Zealand dollar is showing little change.

NZD/USD Technical Analysis

There is immediate resistance at 0.6420, as this line remains relevant. Above, we find resistance at 0.6490, protecting the round number of 0.6500.  On the downside, the 50-EMA is situated just below the pair, which could be short-term support. Below, there is weak support at 0.6357. This is followed by support at the round number of 63.00.

This article was originally posted on FX Empire

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